Kraken Confirms it is Launching its Own Bank
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Despite facing issues with US regulators, Kraken is planning to open its own bank “very soon,” according to The Block.
Marco Santori, the exchange’s Chief Legal Officer, said the move is in response to an “unfavorable environment in the United States” for crypto banking.
He has also said that banks are becoming increasingly cautious and that this could “stifle future innovation.”
Kraken has also been accused by the US Securities and Exchange Commission of having an “unregistered” staking program, which it settled in February by paying a fine of $30 million.
Santori has also noted that this situation will limit the exchange’s available products in the US, forcing users to use less secure offshore exchanges.
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